GDP growth for the current year is expected to be about 8.5 per cent while inflation likely to be below five per cent, Reserve Bank of India Governor Y V Reddy said in Chennai on Friday. "For the current year, though subject to review, current expectations is GDP growth will be 8.5 per cent.Inflation would be below five percent," he said at a management seminar conducted by the Great Lakes Institute of Management.
Of the eight RBI governors who have held office since the 1991 economic liberalisation, Bimal Jalan had the longest stint and S Venkitaramanan, the shortest. Current Governor Shaktikanta Das will overtake Bimal Jalan before completing his second term in December, points out Tamal Bandyopadhyay.
'There is merit in keeping the central bank's balance sheet strong if the government's fiscal balance sheet is weak.'
"He (RBI governor Duvvuri Subbarao) has explained the position. I think the governor's statement is very balanced, very appropriate as far as I could understand," Reddy said.
'When there is no middle ground possible between the government and the governor, the governor has to go.'
The Reserve Bank of India (RBI) is facing severe policy challenges in managing capital flows, said RBI Governor Y V Reddy.
The friction with the political class is not only about interest rates and monetary policy. While the government often spoke freely about its discomfiture, the RBI had to be careful even in its response to the government as any loose statement would affect the markets.
Interview with former Reserve Bank of India governor by Duvvuri Subbarao.
Shaktikanta Das is a master of the finest balancing act who listens to all but takes his own decisions, discovers Tamal Bandyopadhyay.
Indications are that Reddy will take charge as RBI Governor after the annual meeting of the IMF slated in late September.\n\n
Indian economy has a stable system to cope with frequent changes in the political arena to pursue the growth agenda, International Monetary Fund executive director Y V Reddy said.
Panel to recommend sharing of divisible resources between states and the Centre from 2015 to 2020.
Brushing aside speculation that political considerations influenced monetary policy, Reserve Bank of India Governor Y V Reddy said on Wednesday financial market expectations were key to drafting the credit policy.
The Reserve Bank of India on Thursday issued the first series of bank notes bearing the signature of governor Y V Reddy in the denomination of Rs 5 and Rs 10.
Reserve Bank of India Governor Y V Reddy on Tuesday said the Indian economy is largely insulated from episodes of global financial instability and the country has built resilience to shocks and is less vulnerable to output volatility.\n\n
Reserve Bank of India (RBI) Governor Y V Reddy, who presented his last Annual Policy Statement on Tuesday, spoke to Sidhartha on the challenges the central bank faces in balancing growth and inflation.
RBI's current Deputy Governor Urjit Patel got 3-year extension in January.
While India has in no way contributed to global financial imbalances, it has a huge stake in the process of unwinding of these imbalances and its impact on exchange rates, former Reserve Bank of India governor Y V Reddy has said. He was speaking at the Indian Council for Research on International Economic Relations.
Mint Road, on December 21, 2023, flagged the role of self-regulatory organisations (SROs) in strengthening the compliance culture in regulated entities (REs) and providing a consultative platform for policymaking. It also decided to issue an omnibus framework for SROs.
"These are essential commodities which have great impact on inflationary expectations," Reddy told reporters on the sidelines of a function in Mumbai on Monday. High food and crude oil prices were in a way anticipated and 'the pressures have been flat,' he said.
Banks submitted bids amounting to Rs 4.75 trillion, around 2.5 times of the notified amount of Rs 1.75 trillion, at the Variable Rate Reverse Repo (VRR) auction conducted by the Reserve Bank of India (RBI) on December 22, a day after the liquidity deficit in the banking system widened to Rs 2.5 trillion. In the most recent VRR auction held by the RBI on December 15, bids totaling 2.7 times the notified amount were received. Banks secured Rs 1 trillion at a weighted average rate of 6.63 per cent.
The central bank has also left the Bank Rate and the Cash Reserve Ratio unchanged at 6 per cent and 5 per cent, respectively, in the annual policy announcement 2007 released on Tuesday.
Former governor of the Reserve Bank of India Bimal Jalan on Saturday said that taxing FII inflows will not serve any purpose and his successor Y V Reddy was misquoted on this issue.
Reserve Bank of India Governor Y V Reddy has said the country needs to put in place 'special defences' to face the prospect of volatile capital flows.
Patel, 55, who took over as the 24th Governor of the central bank on September 5, 2016, had the shortest tenure since 1992.
Making it easier for urban cooperative banks to extend housing loans, the Reserve Bank of India has relaxed the risk provisioning norm for purchase of residential properties up to Rs 30 lakh (Rs 3 million).
Reserve Bank of India Governor YV Reddy has said that Indian financial market is not vulnerable to overseas development. The Indian financial sector is likely to be less affected by the contagion than most other emerging market economy (EMEs), in respect of first-round or direct effects. The Indian equity markets have been volatile in recent months and that has some impact on changing sentiments. He said India has not been contributing in the global macro economic imbalances.
'It is nice that the banking system is in good shape.' 'It is a little early to call it too good because I think it was too bad in the past.'
As governor of the Reserve Bank of India (RBI) till September last year, YV Reddy was in-charge of monetary policy at a time when the economy grew at its fastest pace ever
Finance Minister P Chidambaram at the Group of 24 Meeting of the Ministers at the International Monetary Fund headquarters in Washington, DC on Thursday.
Bankers made this demand at a meeting with RBI Governor Y V Reddy, ahead of the 2007-8 monetary policy announcement on April 24.
